SUCCESS! Credit App Spree After Bad Credit

Due to terrible circumstances and a giant sob story I will spare you all from, last year my credit score was at an all time low of 527. I lost all my credit cards during this time. I have been painstakingly digging myself out of the giant hole I was in and meticulously repairing my credit. First I worked something out with one of the credit cards that had closed on me. I went on a payment plan to pay off the debt I owed to them. After 12 months of regular payments and getting to a zero balance, they opened the card back up with a $1000 CL. During this time I also saved up $3000. I opened up a secured credit card with it.

I then began monitoring my credit report with Experian. I found a few errors and fixed them. I stayed on top of every payment. This last month's credit pull showed that I had improved my credit score with Experian to 675. My secured card has a 1% cash back reward on it, so we use that to pay for everything and then pay it in full at the end of every month. The $375 we got back this year was fabulous and it made me start researching rewards cards. So over the last couple months I had been drooling over a few rewards cards, but I was terrified to apply for anything. Especially since I know that the best rewards cards (the ones I was most interested in) require great credit.

Finally after weeks of sleepless nights I bit the bullet. Here are the results (in the order I applied):

I am EXTATIC! What a beautiful array of reward cards! I will be getting 5 - 6.25% back on pretty much everything that I spend money on. I am most excited about the US Bank one. 6.25% back on my cell phone, cable, internet and utility bills? AWESOME! Citi Forward said my Experian was actually 705 which makes me wonder why when I checked it said 675. Well the App spree dinged my credit score. My Experian now shows me at 664. But that is ok. I'm done with the apps for a long while and these new cards will eventually make my score go up again. And... my score was high enough to unsecure my credit card (which I'm using to pay off a ridiculous 16.99% loan I have) and lower the APR on my auto loan. FABULOUS! Slowly, but surely I am getting back on my feet!

Re: SUCCESS! Credit App Spree After Bad Credit

Due to terrible circumstances and a giant sob story I will spare you all from, last year my credit score was at an all time low of 527. I lost all my credit cards during this time. I have been painstakingly digging myself out of the giant hole I was in and meticulously repairing my credit. First I worked something out with one of the credit cards that had closed on me. I went on a payment plan to pay off the debt I owed to them. After 12 months of regular payments and getting to a zero balance, they opened the card back up with a $1000 CL. During this time I also saved up $3000. I opened up a secured credit card with it.

I then began monitoring my credit report with Experian. I found a few errors and fixed them. I stayed on top of every payment. This last month's credit pull showed that I had improved my credit score with Experian to 675. My secured card has a 1% cash back reward on it, so we use that to pay for everything and then pay it in full at the end of every month. The $375 we got back this year was fabulous and it made me start researching rewards cards. So over the last couple months I had been drooling over a few rewards cards, but I was terrified to apply for anything. Especially since I know that the best rewards cards (the ones I was most interested in) require great credit.

Finally after weeks of sleepless nights I bit the bullet. Here are the results (in the order I applied):

I am EXTATIC! What a beautiful array of reward cards! I will be getting 5 - 6.25% back on pretty much everything that I spend money on. I am most excited about the US Bank one. 6.25% back on my cell phone, cable, internet and utility bills? AWESOME! Citi Forward said my Experian was actually 705 which makes me wonder why when I checked it said 675. Well the App spree dinged my credit score. My Experian now shows me at 664. But that is ok. I'm done with the apps for a long while and these new cards will eventually make my score go up again. And... my score was high enough to unsecure my credit card (which I'm using to pay off a ridiculous 16.99% loan I have) and lower the APR on my auto loan. FABULOUS! Slowly, but surely I am getting back on my feet!

I hate to burst your bubble, but if you got a credit limit of 3k you did not get approved for the cash+, they did to you what they do to everyone who doesn't qualify and started you off on the platinum rewards card, its a measly 1%. Also, I'm not sure where you are getting the 6.25% on the cash back for that card anyway, it tops out at 5%, and if you have a platinum checking with them you get a 50% bonus(based on the 1%, which adds .5% to both the 2% catagory and 5%), so the most you would accrue is 5.5%. Nevertheless, its a signature card and with 3k limit they didn't approve you for it. Impressive on the other 2 cards though, congrats!

Re: SUCCESS! Credit App Spree After Bad Credit

I hate to burst your bubble, but if you got a credit limit of 3k you did not get approved for the cash+, they did to you what they do to everyone who doesn't qualify and started you off on the platinum rewards card, its a measly 1%. Also, I'm not sure where you are getting the 6.25% on the cash back for that card anyway, it tops out at 5%, and if you have a platinum checking with them you get a 50% bonus(based on the 1%, which adds .5% to both the 2% catagory and 5%), so the most you would accrue is 5.5%. Nevertheless, its a signature card and with 3k limit they didn't approve you for it. Impressive on the other 2 cards though, congrats!

Bubble not bursted. With US Bank, I applied directly through a rep because there were a few concerns I had in regards to the card. I was worried that since it was the third card I applied for, my credit rating already had taken a hit and I should wait on applying. My main concern was that I did not want the downgrade if I was not approved. I was instantly approved and the rep assured me that it was for the Cash+ and not the downgrade.

I get the 6.25 based on the fact that if you cash out in increments of $100, they give you a bonus of $25. With a base of 5%, that increases your cash back to 6.25%.

Re: SUCCESS! Credit App Spree After Bad Credit

OK, I get you on the 6.25% with the redeemed bonus. Someone else can chime in if they'd like, but I am pretty sure you were mislead. The Cash+ is a signature card which requires a 5k min CL. I hope for your sake it ends up being the Cash+

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